MGM Resorts CEO Bill Hornbuckle has had little time in recent weeks to kick back poolside at one of his company's palatial Las Vegas Strip resorts.
Hornbuckle is coming off one of his company's most trying periods since he inherited the position three years ago. With the fallout of a massive cybersecurity breach now contained, Hornbuckle will turn his attention to the inaugural Formula 1 Las Vegas Grand Prix from Nov. 16-18, an event that is expected to produce the largest economic impact in the history of the city. From there, he will move on to preparations for Super Bowl LVIII in February, when the NFL's showcase event comes to Sin City for the first time ever.
For now, Hornbuckle is just glad the perilous cyberattack is in his rearview mirror. The September breach forced MGM to temporarily shut down its IT systems at numerous properties, leading to approximately $100 million in insured losses. While Hornbuckle indicated that MGM will receive reimbursements from insurers over the next several quarters, he is bracing for higher cyber insurance premiums next year and beyond.
Hornbuckle took some time during MGM's 2023 third-quarter earnings call to laud his team for its resiliency in responding to the crippling breach.